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My recollection is that the monthly fee includes the water fees, sewer fees, heat, and property taxes. It also covers trash removal and general maintenance for the building (staffing, maintaining the large laundry room, landscaping). Purchase prices are sufficiently low that one could regard $1K a month as a fairly good deal considering that you'd be living downtown, a hop skip and a jump to pretty much anything one might need in daily life. It's a lot of money but since you can buy an apartment for so little, it clearly kind of evens out for a lot of people. (Particularly, I think, people who don't have cars.)